Bitcoin Investing: When to Move to Coinbase Pro

In my introductory article about trading cryptocurrencies, I showed you how to open a crypto exchange account with Coinbase.

In the follow-up article, I explained the procedures for buying and selling cryptocurrencies, using Bitcoin (BTC) as an example since it will likely be your first cryptocurrency experience.

Coinbase, one of the more popular exchanges, makes it relatively easy to buy, sell, and convert cryptocurrencies and it gives you the ability to convert from one cryptocurrency to another by simply entering the dollar amount you’d like to convert.

However, the conversion takes place at the current market price, which means you do not have the ability to select a better price and wait for the order to execute at that price, known as a limit order.

To have more control over the buy, sell, and conversion prices, you have to upgrade your account to Coinbase Pro. There’s no cost to upgrade, there are no transfer costs to move your holdings to the Pro account, and there are no additional security verification tasks to complete.

Upgrading to the Coinbase Pro account is only necessary if you’d like more control over prices that are used for transactions. The upgraded account also provides the ability to use more advanced order types, such as limit and stop orders.

Converting, step by step

I’ll cover these in the next installment in this series of articles about how to get started trading cryptocurrencies with Coinbase. But first, let’s get you upgraded to a Coinbase Pro account:

  1. The first step is to use your regular Coinbase user name and password to log into Coinbase Pro. If you haven’t done so already, you’ll be asked to verify yourself before being able to proceed further.
  2. Once you’re at the main screen you can select the “Trade” tab, at the top left, or the “Portfolio” tab, at the top right. If you selected the “Trade” tab, you’ll see a gray “Deposit” button on the left side of the screen. If you select the “Portfolio” tab, you’ll see the same “Deposit” button on the right side. Both work the same.
  3. Select “Deposit” and you’ll get a screen with all the available cryptocurrencies on Coinbase. For this exercise I’ll continue to use BTC as our example so select BTC or whichever crypto is in your Coinbase account that you want to transfer to Coinbase Pro.
  4. After selecting the crypto you want to transfer you’ll then see two choices: “Crypto Address” and “Coinbase.com.” If you were transferring BTC from another exchange, you’d select Crypto Address and then enter the BTC address from your other exchange (I’ll cover this in a later article). For this exercise, select the “Coinbase.com” button since you’re depositing BTC into Coinbase Pro from your Coinbase.com account.
  5. Once you select the “Coinbase.com” button you’ll then see how much is available for transfer from Coinbase.com. The transfer will automatically go to your Default Portfolio in Coinbase Pro. Below “Default Portfolio” you’ll select how much you want to transfer.
  6. At the bottom of the window you’ll then press the “Deposit” button and the transfer will take place. You can then repeat this process for each crypto coin that you want to transfer to your Coinbase Pro account.

Next to the “Deposit” button that you selected in step 3 is the “Withdraw” button. This enables you to transfer your cryptocurrency to either a crypto address (such as another exchange or to someone else’s account) or to your Coinbase.com account. The procedures are the same as above.

In my next article I will cover some of the advantages of Coinbase Pro over Coinbase.com, such as the advanced limit and stop orders and greater flexibility choosing the prices you want to use for buying, selling, and executing your trades.

In the meantime, open your account and start exploring!

If you’d like to learn much more about cryptocurrencies, crypto exchanges and the state of the crypto market, sign up for a free trial of my weekly Crypto Wealth Protocol newsletter.

5 Best Stocks to Buy If Biden Wins the Election

If Vice President Joe Biden wins the election on November 3, 2020, you might want to consider adding these five equities positions to your portfolio: XLU, TSLA, XLV, MLM, and

TGIF — Ending the Week with a Whimper

Everything is proceeding as I have foreseen. In Monday's "The Week Ahead — 200,000 Deaths Weigh Heavily on the Market," we knew the 200,000th American death would put Covid back

Even If the Overall Market Continues Lower, This Staple Could Maintain Its Upward Trend

Since peaking in early September, the main indices have all three stumbled for the last few weeks with the S&P and Nasdaq falling over 10% from their highs already. Three

tesla stock

TSLA Too Volatile? Two Option Strategies for Tesla Stock

Tesla Inc. (TSLA) is one of the most popular stocks amongst investors. Led by CEO Elon Musk the electric vehicle manufacturer has disrupted the transportation industry, bringing hype to a

pot stock

Pot Stock ‘Blood in the Streets’ Buy Signal Is Here

The cannabis market has been a volatile space in recent years. A wave in legalization, particularly in Canada but also through parts of the United States, led to significant growth

Use Options as Portfolio Insurance in Rocky Times

Since the beginning of September we have seen the main U.S. indices drop. There are a number of possible reasons for the decline, but more importantly I expect the increased

4 Foreign Countries Where You Can Retire On Social Security Alone

Someone once said that retirement is not the end of the road but a highway opening to a new chapter in life. Whoever said that clearly has never experienced a

We’re Beating the Index Off the March Low: Update

The Bulletproof Wealth Report model portfolio is continuing to perform well and is now up 27.4% since the inception of our monthly newsletter on April 13, 2018. Although the value

Terrible Tuesday: Fed’s Powell Says U.S. Faces Slow, Uncertain Recovery

Powell testifies before Congress today. We already know what he's going to say though, as his testimony is pre-released. Not that that will stop the market from acting shocked when

5 Best Online Banks, Highest Savings Rates for Your Buck

Finding an online bank can be difficult. Varying rates, hidden fees and simply having too many choices can cause confusion and make it hard to get started. Set aside some

Hiring a Financial Advisor: What Is a Fiduciary, and Why Should You Care?

“Fiduciary” is a funny word. You may have never heard of it until now, but you may actually have had a fiduciary in your life. More importantly, you may wish

Trading Cryptocurrency Using Limit and Stop Orders

This is the last of a five-part series to help new investors and traders start and grow a cryptocurrency account. In all five articles I’ve been using Bitcoin (BTC) in